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to the constitution was ratified, given congress the power to collect federal income tax. the urban institute posted a discussion focusing on the history of the federal income- tax and proposals to replace an and changing the income tax since ystem. this is an hour and 25 minutes. >> that afternoon. welcome to the urban institute's first tuesday where we celebrate the 100th anniversary of the income-tax. my name is howard gleckman, the editor of the urban institute blog. a hundred years ago, delaware became the 36 state to ratify the amendment creating a modern income-tax. this one was memorialized in the constitution and we have had an income tax ever since. it is the tax we love to hate. in the 100 years, it has gone from a simple richman's tax to today's tax with a top rate north of 40%. williston churchill said we seem to think it is the worst possible tax -- winston churchill said we seem to think it is the worst possible tax. to my far right, joseph thorndike, director of the tax history project. his latest book is "thei r fair share," out today, published by the urban institute press. eugene
have a deficit. here's a project that gets substantial tax revenue without raising taxes through economic activity, through job creation. further and perhaps most importantly, it will help put our country within striking range of a long-sought goal -- true energy security. for the first time in generations, the united states with its friend and ally canada will have the capacity to produce more energy than we use, reducing or eliminating our reliance on the middle east and other volatile parts of the world. the argument has been advanced that the oil sands will increase carbon emissions and that failing to build the keystone x.l. will somehow reduce emissions. but let's look at that claim. that's the other piece. let's look at the environmental aspects of this project. today, more than 80% of all new recovery in the oil sands is being accomplished in situ, a technology that makes oil sands carbon footprint comparable to conventional drilling. in fact, the oil sands industry has reduced greenhouse gas emissions per barrel of oil produced by an average of 26% since 1990, with some
life work for more families. another step we can take is on taxes. there's a lot of talk about taxes in washington right now. for most families, tax preparation is hard and is time-consuming. this time of year especially. think about it. think what they're going through. what tax form are you supposed to fill out? is it more beneficial to file jointly or as a married couple or separately? is a truck or gas mileage deductible? are you forgetting something the irs will give you credit for? and in 1935, the form 1040 was accompanied by a two-page instruction booklet. today, taxpayers have to wade through over 100 total pages of instructions. just filling out a w4 at a knew job is confusing. you really shouldn't need a work sheet to see how many dependents you have. chairman dave camp and his committee are already underway in their efforts to responsibly rewrite the nation's tax laws, as an education policy, health care and all else, tax reform should reflect the priority of working families, and the future they're trying to shape for their kids. if nothing else, we must stop putting spe
direction to help make life work for families. another step we can take is on taxes. there's a lot of talk about taxes in washington right now. for most families, tax preparation is hard and it is time-consuming. this time of year especially. think about it, think what they're going through. what tax from are you supposed to fill out, is a more beneficial to file jointly or as a married couple or separately? is a truck or gas mileage deductible or are you forgetting something that the irs gives credit for? in 1935, the form 1040 was a concrete but a to instruction booklet. today, taxpayers have got to wade through over 100 total pages of instructions. just filling out at w-4 at a new job is confusing. you really shouldn't need a worksheet to see how many dependents you have. chairman dave camp and his committee are already underway in their effort to responsibly rewrite the nation's tax law. as in education policy, health care and all else, tax reform should reflect the priority of working families, and the future their time to shape for the kids. if nothing else, we must stop putting spec
be champs, but the city looking like chumps. financial ruin and the highest taxes in the the state take a toll and should the democrats in washington take heed because just this week, a group of them unveiled a 300 billion dollar tax hike they say will help pay down the debt. can america afford it? to ben stein and dagen mcdowell, along with adam lashinsky and gary k, more taxes? >> jumpy, mo yummy, more taxes course not. you hand it it to washington d.c. inefficient, ineffective and every program they've ever run is bankrupt and it's the worst possible thing to do and amazing to watch they said they'd only raise taxes on the so-called privileged few, but everybody got a payroll tax hike and unfortunately, we're hearing from reid, pelosi and unemployment still at 7.9% and we have yet to feel the effects of things to come. >> dagen, i've got to tell you, one way they think you can fix the economy, taxes, taxes, taxes, it's nuts. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats di
there is a good deal of work happening in the background like the transition of the different payroll tax incentiv incentives. the tax and treasures office is beginning their implementation but the basic concepts are we we need to help business prepare for a transition. so in your binder is a - is information that we've put together so that if i go to a business association that i hand this out to walk them through. some of this i'm going to highlight on some of this. let's go to the first slide. next thank you. so as your well aware that now we have a 1.5 percent payroll for businesses in the city that have payroll over $250,000 i should say 2 hundred and 50 thousand one dollars. of a business is under 2 hundred and 50 thousand they don't pay the payroll taxed. so the grois receipts will phase over a 5 year period starting the tax year of 2013 so next year. and this phase is is to low both businesses and the city to have a smooth transition so that if for any reason the gross receipts is not bringing in as much money we are operating as a deficit but it the gross receipts is coming in a herself w
so the grois receipts will phase over a 5 year period starting the tax year of 2013 so next year. and this phase is is to low both businesses and the city to have a smooth transition so that if for any reason the gross receipts is not bringing in as much money we are operating as a deficit but it the gross receipts is coming in a herself we might phase in in a shorter amount of time. thank you. and the schedules are broken out into four tiers there's a zero to one million and it's exempt and 2 had the to million and above. so businesses will be taxed at the progressive tier so if you're a business that has $3 million in revenue your first million is not taxes your million to 2.5 million is talked at the 2 to 2.5 million taxable followup u amount eaten the last $500,000 will be taxed. so here's an example i mean chris has provided a good example so one million will be taxed? one million taxed the 1 tier rate did i misquote that i miss stoke so once you reach over one million that first million is taxable. so correction. and then as i noted there's a small business under one milli
tax credits and how that will be applied. who you get into some of the larger entities there's bigger structures and that needs to be careful communicated so that when the time for outreach there's one package of information going out. so the tax and treasurers office have additional staffing for that >> commissioner reeling. >> so of a small business the gross receipt is less than 1 million it's exemption. >> right the first million is not exemption so if you will look at page 2. the whole 2 million is taxable >> yeah, but it's at a different taxable rate. so if you look at that page once you reach over a million that million is a taxable minimum >> so for schedule one 1.75 percent of - the first million is at - the 5 hundred thousand is taxable at the 1 point percent tax rate. >> commissioner. >> what about the businesses that are a combination of the manufacturing and other businesses structure. >> right so going back to i think i think this is where we need to work this out. we're not going out and educating businesses right now. the likelihood you'll by looking at
looking like chumps. financial ruin and the highest taxes in the the state take a toll and should the democrats in washington take heed because just this week, a group of them unveiled a 300 billion dollar tax hike they say will help pay down the debt. can america afford it? to ben stein and dagen mcdowell, along with adam lashinsky and gary k, more taxes? >> jumpy, mo yummy, more taxes course not. you hand it it to washington d.c. inefficient, ineffective and every program they've ever run is bankrupt and it's the worst possible thing to do and amazing to watch they said they'd only raise taxes on the so-called privileged few, but everybody got a payroll tax hike and unfortunately, we're hearing from reid, pelosi and unemployment still at 7.9% and we have yet to feel the effects of things to come. >> dagen, i've got to tell you, one way they think you can fix the economy, taxes, taxes, taxes, it's nuts. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push thr
. tonight on "the willis report" wall street loves california's huge tax increase, but is it already backfiring? also, it started as a few hundred pages. now it is 70,000. tonight, the federal income tax on its 100th birthday. and what does the death of investment club tell us about the overall health of the market? "the willis report" is on the case. ♪ gerri: all that and more coming up. first, the fix that will only create more problems. democrats, once again, pushing for more tax revenue and putting a tighter squeeze on all of us. to get the u.s. out of the financial black hole, but washington only needs to look across the country to california to see how this will play out. with more on this, michael reagan, founder of the rating group. welcome back to the show. great to have you here. i need to get you to comment on to harry reid. this weekend talking about more taxes. he says, the american people are on his side. here he is. >> the american people don't believe in this bustier things. we believe that the rich should contribute. we believe we should fill those tax loopholes, g
karzai and david cameron had a meeting to spend a six-month deadline on tax of the taliban. two ambition i pakistan was a political party functioning in society? and two, to think the footprint strategy is fun for the united states in afghanistan long-term? >> the first one is to speak to in terms of where they see the taliban up but i love all an integrated in the mainstream of society. they do have constitutional obligations they seem to uphold that we are also looking with the united states transitions and if ken estanislao. there is a timeline as well in an election to be held in afghanistan. so these are processes and political decisions they must make themselves. and when i say this, i do want to point to the historic ship that pakistan is proactively making. our government has been clear, including all of our stakeholders, which includes the military that pakistan is going to strenuously support all efforts of stabilizing afghanistan and bringing peace to the region because that is the know our vital interests. we live right they are and it's stable and peaceful afghanistan is in
answer the 1% question. what tax rate would you be willing to be taxed at if people at that level are all taxed at a rate? >> i would go back to the eisenhower rate. you know what eisenhower was taxing people out? 70% to 90%. you want to go back to a rate where there is a supertax on the very rich and millionaires. you want to get rid of the loopholes. look at the capital gains tax of 15%. we are taxing work the barely taxing wealth region but barely tax and wealth. that is the wrong priority. -- we're taxing work but barely taxing wealth. the robin hood taxes an idea whose time has come. radicals light nicholke nicolasy and angela merkel have a tax on currency transactions that would bring in $350 billion a year. some of my heroes are the nurses of this country. national nurses united heal america. tax-loss >>> there are a slew -- tax on wall street. there are a slew of good things that 1%ers are for. >> he is not really offering of a lot. >> he is talking about being taxed less than his assistant. there is a group of patriotic millionaires. it is the belief that you owe backe to
obama. once again obama is pushing for higher taxes. don't take our word for it. listen to what he said last night just before the sboel. >> there is a way to solve the budget problems in a responsible way through a balanced approach that the vast majority of people agree with. if we do there is no reason we can't have strong growth in 2013. we can't b have washington dysfunction getting in the way. >> with all respect, free market capitalism is the best path to prosperi prosperity. more tax hikes will not hurt this economy. let's not push our luck. republicans will block it. we'll be right back. ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. >>> stock market correction today. i still believe rising profits and an easy fed will keep the bull market going -- at least until the president tax bombs us to death again. that's what obama said before the super bowl yesterday which could be the real reaso
-span. >> in his weekly address president obama talks about sequestration and tax policy. then senator lisa murkowski from alaska delivers the republican address. she enters her plan for an energy policy for the u.s.. >> hi everybody. over the last few years, democrats and republicans have come together and cut our deficit by more than $2.5 trillion through a balanced mix of cuts and tax for the wealthiest americans. that is more than both parties say we need to stabilize our debt. i believe e we can finish the job the same way we started it, with a balanced cut of spending cuts and tax reform. and the majority of the american people agree, both democrats and republicans. my preference and the preference of many members of congress is to do that in a balanced way by making sensible changes to entitlement programs and reforming our tax code. as we speak, both the house and senate are working toward budget proposals i hope will lay out this balanced path going forward. wut that takes time and right now, if congress doesn't act by march 1 a series of harmful doubts spending also known as the s
'm stewart in for neil cavuto. remember this, that fiscal cliff deal, huge amount in tax hikes. not much in the way of spending cuts. are we about to see the sequel? the president is calling on congress to pass another quick fix to avert those automatic spending cuts he originally signed off on, kicking in march 1 income, and this includes new tax revenues. the former south carolina senator jim demint says we have seen how the movie ins and it's not go. okay, jim, spell it out. more tacks and not so many spending cuts. what's the result? >> you have to scratch your head. the federal government will receive historically high tax revenues this year, yet we've double spending. it's a spending problem. the president is not willing to cut spending at this point. he continues to talk about more taxes. even though he promised that this sequester would never happen and if he got his tax increases he would cut spending. >> what are the run republics going to do? we have the president calling for more taxes. what should their response be? >> well, republicans passed in the house last year what the
weakening it. >> mr. speaker, i want to ask the prime minister about the bedroom tax. a woman has twins sons that are in the army. the bedroom tax -- she will be charged more for their bedrooms. she says, i resent the fact that both my sons are defending our country, and in return they will not have a home to come home to when they get their much-needed leave. what is your answer? >> let me make clear. this is not a tax. this is a benefit. i would make two points in respect to the specific case that he raises. first of all, all the time that labour was in government, if you were in a private sector rented home and you were in receipt of housing benefits, you did not get any benefit for empty rooms. i think that is important. it is only fair we treat people in social housing the same way. the second point is that if anybody is away from home, obviously their earnings are not counted. therefore the benefits that person are likely to go up. >> mr. speaker, i look forward to explaining why her paying 25 pounds a week more from april is not a tax on her. as for his point about the private rented
. answers. >> tax train keeps rolling along but spending cuts gets derailed, i'm david asman in for neil cavuto, now they have the republicans number. senate democrats push to delay automatic spending cuts, for another three months, and the same time they demand tax hikes to be in go kind of short-term deal. sounds like groundhog day, and john lay feel said that would drive the economy into the ground, mattie, andoirk connel oh, connel are joining us thank you. we know what the democrats want. they want more responding and higher taxes anyway they can get it. the question is what the republicans are going to do about it. so far they have been snuckerred by the guys, what do you think that the republicans will do? >> i think they should tell them, you got what you wanted. what are you going to do? we knew and said you will get about 40 billion attract dollars by raising taxes on upper income, rich, whatever you want to call them. we still have a deficit over $1 trillion, they said they would run on this like fdr, and andrew jackson, what times are bad, run against rich and bankers, if i w
have to connect the tax collector. as they scroll down you'll see the permits and licenses you'll need. f a business property register. public health, department of pickup health has any requirements as well as if you locate your truck on a piece of private property i have to interact with the planning department. so all these permits are all listed here and when the yours concludes on view details they'll see what they need to complete and the fees. i can download the form. this is our tax collectors application. and i can go back to the full report to see the rest of the forms with the county there's a fictitious business licenses we are providing information for the state and federal government whatever it's applicable. and some of the other things that are unique to starting a business in san francisco. for example, let's see someone wants to do a consulting business there are certain rules and guidelines to starting a business in your home. we've made easy links so the users can find it easily. building permits should they do any construction work or wait water charges >> and the
will be hit, too. they propose a mix of spending cuts and, yes, more taxes through limiting deductions for the wealthy. i sat down late friday with house democratic leader nancy pelosi and asked her are about the fast approaching deadline. congress woman pa lo pelosi, we back to "fox news sunday." >> welcome to the capitol. >> the white house says sequestration will have a severe effect on many americans. house republicans agree but say the answer is to find other spending cuts, not tax hikes. >> i would think that sequestration is a bad idea all around. this should be something that is out of the question. the fact is we have had plenty of spending cuts. $1.6 trillion in the budget control act. what we need is growth. we he need growth with jobs. and if you have spending cuts education of our children and other investments like the national institutes of health where you are hindering growth you are not delegate t going te deficit. we need more revenue and more cuts. i would like to see that in a big balanced bold proposal. short of that, we must do something to avoid the sequester. >
to avoid those cuts. april 15 is the tax a deadline. >> major milestones you are watching abc 7 news 6:00, on your side. budget cuts could have a . aor impact on our area asking toobama is term up with a short form resolution. democrats and republicans came together and made and manageables to our tax code that will bring down our deficit. this time congress should pass a balance of cuts and re tax loopholes until to replacend a way a smarter andwith longer-term solution. the sequestration deadline march 1. this will undoubtedly be one of a president will about in his state of the union address on tuesday. >> here is a date to circle on calendar -- tax day. some had a chance to get ahead at the deadline. it was all free of charge. tax time usually means headache time, but not for these residents today at the annual .ax affair they sat down with certified irs free of charge. >> to have it done for free dollars. -- saves dollars. >> those that qualified cashed in. .> it is great >> [indiscernible] preparation becomes difficult and usually more when you do not have to financial advice. th
-needed leave. what is the prime minister's answer? >> first of all, let me make clear, this is not a tax. this is a benefit. and i would make two points. i would make two points in respect to this specific case that he raises. first of all, all the time and labour was in government, if you were in a private sector rented home and you in receipt of housing benefits, you did not get any benefit for empty rooms but i think that is important. so it is only fai that we treat people in social housing the same way. the second point i'd make is that anyone is away from home, and, obviously, the earnings are not counted and, therefore, the benefits of that person are likely to go up. >> ed miliband. >> mr. speaker, i look forward to them explaining to allison why her paying 25 pounds a week more from april is not a tax on her. [shouting] >> and as for his point, and as for his point about the private renters have to, i think he misunderstands the point of social housing. after this purpose, part of this purpose is to protect the most vulnerable. and according to the governments own figures, and a
birthday to sheryl crow. ♪ ♪ ♪ ♪ imus in the morning ♪ >> tax the rich some more. and keep spending money. you will hear that in the president's state of the union message tomorrow. clearly, he's not been listening to dr. ben carson. good monday morning, everyone. the leaks are trickling out. tuesday's big speech pretty much laid out already, no basic change, tax and spend for another four years, but it's the opposing point of view that's getting he the attention this morning. dr. ben carson a renowned neuro surgeon lectured the president on taxes, obamacare and morality at the national prayer breakfast. mr. obama has not had to listen to people who see it differently. he had to listen to 25 minutes, the left is outraged, lecturing the president, and some have taken note. dr. ben carson should be be president. the tax the rich policy is shaky and obamacare is a disaster, but the debate on what to do, what's right to do about it is back on the front burner. "varney & company" is about to begin. did you know not all fiber is the same? citrucel is different- it's the only fiber for regularit
even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75 year time frame we talk about budgets. the american people need to know that. it is important the president gets mad because then we could talk about the positive solutions a
. the president and senator reid old want more revenue beating one way or another, more taxes. and yes, the dow is turning away from backing off from 14,000. here we go, everyone. "varney & co." is about to begin. [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ from td ameritrade. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. stuart: we are going to call this a news alert. senator harry reid calling for more tax increases. in an interview on abc yesterday, he said tax revenue must be part of any deal to be part of the little defense cuts. here is senator reid. >> the american people are on our side, and america p
, democrats are asking for more tax increases. tim in arkansas, democratic caller, what do you think? >> caller: hello. >> host: hi, tim. you're on the air. bring our troops home and no more taxes. we're taxed to death. i've had enough of taxes. i can't pay any more of my income in taxes. >> host: you say bring the troops home. what do you think about military spending? >> caller: we need to bring our troops home, period. you don't see china, russia going all over the world, you know, being the world's policemen. it's time we stop. >> host: okay, and we increase spending that way? >> caller: yes. it's time we embraced sanity instead of insanity. >> host: all right. june in norfolk, virginia, a republican caller. hi, june. >> caller: hi. we've got to get rid of these taxes. this is just too much. we gave in already once. we've give in several times -- we've given in several times. we've got to stop the spending. it's, we are, you know, we've got, we've got socialistic governments all over the world. if that's what you want, please, get on a plane and go there and live. >> host: so, ju
on "the willis report." a new federal tax policy with the push to make marijuana legal and tax it. obama proposes to delay automatic spending cuts after he blows another budget deadline. and proved that leaders just want more power. not more power to the people. we are on the case. >> that and more coming up, but first the top story story, efforts building in washington to change change, rewrite, remake current marijuana laws including legalizing industrial production and have the federal pot tax. lawmakers quietly working on the bills one was introduced today one from oregon one from colorado calling for the end of federal pot prohibition. when next guest founder and executive director of the drug policy alliance, ethan? >> it is like the repeal of alcohol prohibition. the public says it does not work and is not effective and it cost tens of billions of tax dollars come lead diverts resources and funding organized crime in mexico it is better to have a regulatory policy with state governments controlled with federal government has a modicum of control. gerri: day you agree? >> a column
perceptions of the sales tax or consumption taxes it will be easy to a minister. there is a role for the tax collector, and if you look at any state law you will see the car phone of exemptions, and they are as complex as some of those tax preferences we have in our code. discipline will be required on a consumption tax just as it would for an income-tax. ♪ a little bit. and that is the nature of accounting systems and how they influenced the development of tax policy. if i go all the way back to the history of conversion from a tariff to an income tax, what really makes this possible is the growth of the modern corporation or the modern business because they develop the accounting system, keep track of who has wages and for them to operate efficiently and need to keep track of it. that is the financial accounting that acquires them to keep track of income, and the government that is able to latch on to these accounting systems and really rely upon them to enforce code. in truth it is the large business, large charity, larger organization that is the main instrument for impleme
tax rates anyway by nearly 25%. what it triggered was falling inflation, falling interest rates and the strongest economic expansion in 30 years. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ no they don't. hey son. have fun tonight. ♪ ♪ back against the wall ♪ ain't nothin to me ♪ ain't nothin to me [ crowd murmurs ] hey! ♪ [ howls ] ♪ >>> global stock market still on a tear. did you know almost 20 world indexes traded at new multi year highs this year already? did you know japan, the hottest of the hot up 3.8% just today? cnbc's seema mody joins us. >> we have seen a revival in global equities. better than expected earnings. easy money from the fed and decent economic data brought fresh money to equitieequities. the s&p 500 and nasdaq trade at new highs. the ral d
system, and expand school choice. we limited regulation in the largest and most strategic tax cuts in state history, unlike our friends in washington dc. [applause]we even accomplished something novel and rare in politics. we kept our word. in 2010, we asked people to increase their own taxes and promised him it would be temporary. that promise will be kept, when proposition 100 sales tax expires in may. [applause]not long ago, we were facing the worst housing collapse in our history, the downturns had cost us more than 300,000 jobs. our state government was bogged down by a $3 billion deficit. now our housing market is on the mend. recovering faster than anywhere in america. we are adding jobs at the swiftest clip in years, nearly 23,000 in november alone. arizona ranks fifth in the nation for job growth during 2012. [applause]the kauffman index recently declared arizona the country's premier place for entrepreneurs. our budget is now balanced. we set aside $450 million in the state's rainy day fund for the next time that crisis strikes. [applause]crime and violence in arizona con
. they propose a mix of spending cuts and, yes, more taxes, through limiting deductions, for the wealthy. i sat down late friday with house democratic leader nancy pelosi and asked her about the fast-approaching deadline. congressman pelosi, welcome back to fox news sunday. >> welcome to the capitol. >> chris: the white house says, sequestration will have a severe effect on many americans. house republicans agree. but they say the answer is to find other spending cuts, not tax hikes. >> well, i think that the sequestration is a bad idea, all around. it is something that is out of the question. the fact is, we have had plenty of spending cuts, $1.6 trillion in the budget control act. what we need is growth, growth with jobs and if you have spending cuts, education of our children, other investments, where you are hindering growth, you are no going to reduce the deficit. so, what we do need is more revenue, and more cuts, but i would like to see that a big, balanced, bold proposal. and short of that, we must do something to avoid the sequester. >> chris: here's what house speaker boehner said thi
delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is scheduled fto go into effect, then i believe they should at least pass a smaller package of spend
denied any immoral activities after being accused of moving profits out of zambia to reduce its tax bill. >> it is a highly successful business employing thousands of people, but zambia sugar stands accused of avoiding paying millions of dollars to the zambian government. the charges come at a new report. the charity says between 2007 and 2012, zambia sugar made pre- tax profits of $120 million and avoided paying $27 million in corporation tax. that's enough to pay for the schooling of 48,000 children every year. the parent company based in this london premises has strongly tied doing anything illegal or immoral and stresses how they have helped the economy and zambia. they say between 2008 and 2012, capital allowances but it did have to pay the corporation tax because the allowances are used by governments around the world and have nothing to do with tax avoidance. it highlights they invested $240 million of its operations, creating jobs for 5000 people. actually that's not the whole story. the firm sent a third of its pre-tax profits to offshore havens. >> we think this is not moral. o
that includes spending cuts, but house speaker, john boehner, says tax hikes are out of the question. >> every month feels the same. high unemployment, a rise in our prizes and more debt for our kids and grandkids. >> he does not want another tech rare fix. some house republicans have indicated they will let the automatic cuts take effect if there's no long-term agreement to reduce the deficit. those cuts would take a big bite out of military spending and domestic programs. including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >> you stop for this passenger, you stop for the white passenger, you pass the black passenger, and you're not even licensed to pick up people on the street at all. >> quite a confrontation and now we have a big development in the wake of our undercover d.c. taxi investigation. the taxi cab commission is taking action to address the violations that we exposed. and it could include inspectors working alongside of our undercover crews. investigative reporter has been logging a whole lot of miles on this one, and russ, how would they embed their
your taxes this weekend? you don't want to file until you hear our three tips for avoiding an audit. do you still fear the dmru? why you -- flu? what doctors are saying about why you may not need to worry about this bug. >> and the cold wind is coming into the state. we're back in 60 seconds. in our health alert tonight, have you had the flu yet? your chances of getting it are going down. health officialssay the worst of the season a-appears to be over. thenumber of states reporting intense or widespread flu dropped against last week. thecdc flu and pneumonia deaths have been dropping the last two weeks. the virus is still out tr. if you're trying to fight it we're here to help. log onto abc2news.com/flu. >> switching to diet soda may not be enough to lower the risk o' of developing type two diabetes. a study shows that artificial sweeteners are linked to a higher number of women with type two diabetes. . >> believe it or not, a new study shows stress is on the decline. the new stressed folks in the survey shows the most stressed generation are those between 18 and 336789 they say th
're expecting is gun violence, immigration reform, and tax reform, and energy? what is missing? >> climate change,e'll talk about that too. these are the issues that the president cares about. liz: what is missing? >> growth. the president's main concern is income inequality, he does not read the w "wall street journal" he is focused on leveling the play are feel. liz: month da ca last year -- monica last year period said we created 3 million jobs over 22 months, that was wrong. there has been 3 million net losses in jobs since january 2008, is this why, you are thinking that economic growth and job growth could be buried in the state of the union address. >> sadly, i think that president thinks he is addressing job growth and the economy, but their approach is the scenic route rather than the fast way. we're investing in green damage, maybe this will -- green technology maybe they pay out 10 years from now, we're doing what we can to cut spending to stop more job losses, i think he is doing the best he character but it is clear, he does not know what he is doing. liz: peter, job growth, a
♪ >> do not be fooled by the headlines. the economy is in bad shape. tax and spend is a failure. good morning, everyone. the bean counters presented the report on the economy. and what did the media pick on? the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national a
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